Need a car loan and not sure what the requirements are?We get a lot of people asking what they will need to get approved for a car loan in Canada. Well here is a short list of things you will need in order to obtain an easy approval.
Here are the basics you will need to buy a car: Easy Car Qualification
1. Working / Proof of Income: Most lenders require that you have full time employment (3 months or longer) with pay stubs to prove it. Other proof of income can be bank statements for cash work, workplace contracts, court ordered alimony or other proof of income that show the lender you have the ability to repay the car loan.
2. You must have a valid G2 Drivers License
3. Minimum Income Requirements: The minimum income requirement is $1,800 per month gross income (before taxes). Sorry we cannot finance people who are on disability.
4. Proof of Residence: The loan company will need proof of your current address usually with a photocopy of your drivers license along with a utility bill or phone bill.